Urbana buys portion of Canadian exchange operator CNSX

Mon Dec 17, 2012 2:48pm EST
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* Investment company buys 20 pct stake in CNSX for C$1.6 mln

* Offers to buy up to 49 pct of CNSX

* Urbana headed by veteran exchanges investor Thomas Caldwell

* Exchange operator small player in Canada

By Solarina Ho

TORONTO, Dec 17 (Reuters) - Financial investment company Urbana Corp said on Monday it is seeking to acquire up to 49 percent of CNSX Markets Inc, the operator of Canadian National Stock Exchange.

Urbana said on Monday it bought a 20 percent stake in CNSX for C$1.6 million ($1.63 million).

Toronto-based Urbana, headed by veteran exchanges investor Thomas Caldwell, said that CNSX shareholders voted in favor of Urbana's offer to buy 4 million common CNSX shares for C$0.40 a share.

CNSX investors also approved a plan to issue an additional 4 million common shares to existing CNSX stakeholders for C$0.40 a share, with Urbana agreeing to buy any unpurchased shares.   Continued...